Friday, October 24, 2008
TERM LIFE INSURANCE
A form of life insurance thatcoversthe insured person fora certain period of time, the“term” that is specified in thepolicy. It pays a benefit to adesignated beneficiary onlywhen the Insured dies withinthat specified period which canbe one, five, 10 or even 20years. Term life policies are renewable but premiums increasewith age.